E6-7 Reporting Purchases and Purchase Discounts Using a Perpetual Inventory System (LO3) During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,200 from Green with terns 2/10, n/30 6 Purchased goods from Munoz for $900 with terms 2/10, n/30 14 Paid Green in full Feb. 2 Paid Munoz in full 28 Purchased goods for $350 from Reynolds with terms 2/18, 1/45 Required: Assume that Axen uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of Inventory as of February 28, Purchases Cost of inventory as of February 28